Office: Supported by a return-to-office momentum, rental growth was shown across both the CBD and the decentralized office submarkets. CBD Grade A office rents climbed 1.6% qoq in Q2 2022 even as vacancy rate rose to 5.1% from 4.6% in the prior quarter.
Industrial: Industrial market continued to improve across most segments. While rents of business parks in both the city fringe and outlying areas as well as factory remained stable on the back of tight vacancy rates, the other segments witnessed rising rents with prime logistics continuing to outperform.
Retail: Amidst a return to pre-pandemic normalcy, total retail sales grew by 9.3% as of May 2022 YTD, fueled by revenge spending and recovering tourism. Strong growths were observed in the retail trades of wearing apparel & footwear (+33.6% YTD), department stores (+22.9% YTD) and watches & jewellery (+19.9% YTD). While online sales have grown, it remains a small proportion of the total retail sales at about 15%. Retail sales are poised to recover further, on the back of a gradual revival in international visitor arrivals.
Investment: Total investment volume in Q2 2022 surged to $13.03 billion (b), more than doubled Q1 2022’s volume of $6.10b. This was due to rising investment activities across different sectors with the commercial property market overtaking residential sector to account for the largest share of almost 55% of total investment volumes in Q2 2022.
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